China's New International Land-Sea Trade Corridor recorded increased volumes last year with a boost from the interconnection between the western region of China and the Association of Southeast Asian Nations (ASEAN).
This year, authorities are eyeing to expand the trade logistics passage to Europe.
State media reported that in 2022, Chongqing saw over 148,000 twenty-foot equivalent unit (TEUs) containers with a total worth of 25.12 billion yuan (about US$3.73 billion) transported via the passage, a year-on-year increase of 32% and 34%, respectively.
The New International Land-Sea Trade Corridor is a major outcome of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, which was launched in November 2015. It covers financial services, aviation, transportation and logistics, and information communication.
Hu Henghua, mayor of Chongqing, noted that the city in China's southwest would further speed up the construction of the New International Land-Sea Trade Corridor, a trade and logistics passage with Chongqing as its operating centre.
"The city will strive to enhance the passage's connectivity with China-Europe Freight Train services, the golden waterway of the Yangtze River and the international aviation network," Henghua added.
A transportation network covering 393 ports in 119 countries and regions has been established so far.
Meanwhile, the Xinhua report said projects worth about US$54.39 billion have been inked under the initiative, which has effectively improved the interconnection between the western region of China and the ASEAN.
